President Barack Obama speaks to continue to push Congress to act to extend the payroll tax cut and unemployment insurance through the end of the year, Tuesday, Feb. 14, 2012, in the Old Executive Office building on the White House complex in Washington. (AP Photo/Pablo Martinez Monsivais)— AP

President Barack Obama speaks to continue to push Congress to act to extend the payroll tax cut and unemployment insurance through the end of the year, Tuesday, Feb. 14, 2012, in the Old Executive Office building on the White House complex in Washington. (AP Photo/Pablo Martinez Monsivais)
/ AP

WASHINGTON 
Congressional leaders of both parties praised an emerging deal Wednesday to extend a payroll tax cut and extra jobless benefits through 2012, but cautioned that bargainers still had to nail down final details.

The rare, bipartisan consensus reflected a desire by both parties to put the long-running drama over the issue to rest and a shared sense that their tentative agreement was probably the best deal they could get. The pact came together after House Republicans conceded that the roughly $100 billion payroll tax cut would not have to be paid for with spending cuts.

"I do expect, if the agreement comes together like I expect it will, the House should vote this week," House Speaker John Boehner, R-Ohio, told reporters.

House Minority Leader Nancy Pelosi, D-Calif., said Democrats were pleased that the package will extend the payroll tax cut and extra jobless benefits and block a 27 percent cut in doctors' Medicare reimbursements. Without action, the tax cut, added unemployment benefits and current rate of Medicare benefits would otherwise expire March 1.

"We're way down the road from where we were just a few days ago," she said in a brief interview.

Senate Finance Committee Chairman Max Baucus, D-Mont., one of the bargainers on the legislation, said there were "just a couple of little wrinkles" left that he believed would be resolved on Wednesday.

"I think a lot of people realize Congress is not enjoying a great reputation," he told reporters. "Both sides recognized the need to get this done."

Lawmakers said among the unresolved items were details of the savings to be used to pay for about $50 billion of the roughly $150 billion package.

Once finalized, the measure would be an election-year victory for President Barack Obama, who made the payroll tax cut a keystone of his largely ignored jobs creation plan in September.

On Tuesday, House Republicans emerging from a closed-door meeting said reaction to the package was generally positive, with some saying it reflected a desire to avoid spending months debating an issue that cost them dearly last year.

In December, the House GOP initially opposed a two-month extension of the tax cut and other benefits that were about to lapse, only to retreat under pressure from outside party leaders and conservatives.

Republicans were determined that Obama not be able to claim that the GOP was standing in the way of a middle-class tax cut. They would rather spend the months leading up to the November presidential and congressional elections focused on GOP themes of opposing tax increases, higher spending and Obama administration regulations that they say stifle job creation.

The tentative compromise would extend through December the current 2 percentage-point cut in the usual 6.2 percent Social Security payroll tax deducted from workers' paychecks. That reduction, which saves $1,000 a year for families earning $50,000, would affect 160 million workers and would otherwise expire on March 1.